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AVAX price could fall to around USD 20

 


AVAX price has already rebounded 75% from the support, however, it seems to continue the downtrend and return to the USD 20 level.


AVAX price was able to bounce around 75%

Initially, the AVAX price was able to bounce off very strongly after reaching the support between USD 20 - 24. The AVAX course was able to rise around 75%. However, AVAX has been in a downtrend for a few days, and yesterday in particular, AVAX price formed a lower high. In addition, the EMAs are still crossed bearish, confirming the trend bearish in the short to medium term. Only the MACD is bullish, because the histogram is ticking bullishly higher and the MACD lines are crossed bullishly.


If AVAX price successfully sustains above the $20 – $24 support, it will find significant Fibonacci resistance at the 50-day and 200-day EMAs, around $53 and $70.


AVAX price continues to fall towards support

However, on the weekly chart, the MACD is decidedly bearish: the histogram is ticking bearish lower and the MACD lines remain bearish crossovers. If AVAX price bearishly breaks the USD 20 – 24 support, it might even correct to around USD 9 – 12.


Currently, it looks like AVAX will once again return to support between $20 – $24 instead of targeting the Fibonacci resistances at $53 and $73.


Will the AVAX price fall even lower?

In the last two correction phases, AVAX price corrected around 69% and 84%. In this cycle, the AVAX price has already corrected around 85%. If AVAX corrects to around $9, it will imply a corrective move of around 94% overall.


There is definitely a chance that AVAX has already found its bottom and is successfully holding the support between USD 20 – USD 24.


Against BTC, AVAX is bouncing off the support

Against BTC, the MACD on the weekly chart is also clearly bearish. However, AVAX bounced off the support between 0.000785 – 0.0009 BTC, to which it currently appears to be returning. If this is the bottom, AVAX will find significant Fibonacci resistance as early as 0.00153 BTC and 0.00195 BTC. On the other hand, if AVAX breaks the support between 0.000785 – 0.0009 BTC, significant support waits for AVAX again between 0.000294 – 0.00035 BTC.


Disclaimer

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

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